media reports suggesting opposition party could win a solid majority the next election. so what is the -- on the yen side of that trade, what are you forecasting? >> the market is aware of that and the opposition party if they do win, they could pressure the boj to try to do more in qe and that would tend to weaken the yen. so the yen is a carry trade back into play over the last one month and shorts have increased significantly over the last one month. so i think that as well as the better macro story in asia has led to quite a few carry trades against the yen and the yuan being one where it has outperformed the yen significantly over the past two, three months. >> south korea sort of dumping a lot of the currency in november, trying to slow the rally. are they going to be anymore successful than they have been? >> it's a mixture of that as well as attempts to reduce speculative lays on the forward so they have for example reduce d the cap on swaps outstanding. but i think players are a mixture of real players and if you do believe that the global economy is on a better